Qtum Establishes Partnership with Important Chinese Internet Firm

Qtum, a company that helps businesses build decentralized applications, has signed a deal with Qihoo 360. This Chinese company is very well known in its country dealing with network security issues in the market. The partnership also involves BitMex institute’s BTN Foundation. Qihoo 360 has created an anti-virus that is used by more than 500 million users in the world, mainly in China.

Blockchain Solutions in the Asian Market

These three companies have decided to establish a memorandum of understanding in order to develop blockchain solutions across the group`s products. 360 Finance signed the memorandum, a subsidiary of Qihoo 360. In this way, these enterprises will be able to promote blockchain technology in the Chinese market.

Blockchain technology is one of the sectors that is expected to grow strongly during this year. This is just an example of what enterprises are looking for when they sign such partnerships. Blockchain is the technology that allow industries to potentiate their products and services to the next level.

Lu Wei, Vice-president of 360 Finance said:

“The strategic alliance of 360 Blockchain Research Centre, BTN Foundation, and Qtum Foundation is an instrumental part of our global strategy in diversifying the portfolio and industry reach of our ecosystem.”

Qihoo 360 has chosen Qtum because it allows to process fast transactions with cheap fees. Besides that, Qtum offers the ability to execute smart contracts, something of importance for the company. Some time ago, the Chinese company announced that it has built a cloud storage platform that is based blockchain technology.

Qihoo has been working with Opera, in order to prevent malware to drain computer power. This malware is installed in webpages and allow the hackers to drain CPU power in order to mine cryptocurrencies, more specifically Monero, that can be mined with CPU power.

Qtum is a network in expansion with more than three million users backed by a strong developer community. Patrick Dai, Qtum Foundation founder said about the partnership:

“It is a win-win-win partnership that can trap the shared strengths to promote the multi-lateral collaboration and the adoption of the blockchain technology in commercial contexts.”